All That Glitters May Not Be Golden

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Glenn Beck has been hocking “goldline” for months. The end is near.  People need to invest in gold.  Libertarians like Beck, and Ron Paul have been promoting gold – and the gold standard, for ages.  Ron Paul is heavily invested in gold.

It turns out that some gold is just plain old brick painted with gold.  It was a scam called gold-bricking.  The con artist would paint a brick gold, and sell it as a bar of gold.  Looks like what Beck was doing wasn’t far from that old tale.

“…The company, which used radio talk show host Glenn Beck as a pitchman, has seen sales soar in recent years along with the price of gold. In one ad campaign, Beck said Goldline was “a top-notch organization” and in another said it was the “only gold company I recommend and use.”

Beck did not respond to an email seeking comment for this story.

The 19-count criminal complaint accused Goldline Chief Executive Scott Carter and five other current and former employees of promoting coins as a better investment than bullion without disclosing the markup.

Goldline, which had more than $500 million in annual sales, denied wrongdoing and vowed to fight the charges. Founded in 1960, the company employs more than 300 people.

“The so-called bait-and-switch allegation is preposterous because bullion accounts for more than 40% of the ounces of gold sold by the company during the past year,” Brian Crumbaker, the company’s executive vice president, said in a statement….”

Mother Jones

Beck wasn’t the only pitchman for Goldline.  Any number of conservatives promotedit:  Sean Hannity, Laura Ingraham, Mark Levin, Mike Huckabee, Fred Thompson, and any number of FOX personalities.

The Week

 

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